February 18, 2016 / 11:26 AM / 3 years ago

Sherritt Madagascar unit says new tax rules prevent nickel shipments

ANTANANARIVO (Reuters) - The Madagascan unit of Sherritt International (S.TO) said on Thursday containers carrying nickel had been prevented from leaving the Indian Ocean island’s Toamasina port for several days due to a new tax regulation it said did not apply to it.

Ambatovy said due to enforcement of the Advance Cargo Declaration (ACD) introduced by the transport ministry, it was also unable to ship spare parts and raw materials.

“In the absence of guidance from the competent authorities for shipping companies expressly and unequivocally ordering them to accept the cargo without requiring the ACD, Ambatovy would be forced to take drastic measures before the end of next week, “it said in a statement, without elaborating.

Reporting by Lovasoa Rabary; Writing by George Obulutsa; Editing by Mark Potter

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